Welcome to our dedicated page for Nauticus Robotic news (Ticker: KITT), a resource for investors and traders seeking the latest updates and insights on Nauticus Robotic stock.
Nauticus Robotics Inc (KITT) develops autonomous underwater systems for commercial and defense applications, specializing in subsea inspections and marine infrastructure management. This news hub provides official updates on technological advancements, strategic partnerships, and operational milestones.
Access real-time updates on earnings reports, product launches, and regulatory developments. Investors will find curated press releases detailing fleet expansions, software innovations, and contract awards within the ocean technology sector. All content is verified through primary sources to ensure accuracy.
Key coverage areas include autonomous vehicle deployments, environmental impact initiatives, and defense-related underwater solutions. Bookmark this page for streamlined tracking of corporate developments affecting marine robotics markets. Subscribe to alerts for immediate notifications about material events and industry presentations.
Nauticus Robotics (NASDAQ: KITT) reported Q3 2024 financial results, achieving its first commercial revenue with Aquanaut Mark 2. Revenue was $0.4 million, down from $1.6 million in Q3 2023. The company recorded a net loss of $11.4 million ($4.24 per share), improved from $17.7 million loss in Q3 2023. Operating expenses decreased to $5.9 million, down $3.9 million year-over-year. The company raised over $1 million through convertible debentures with access to additional $20 million. Cash position was $2.9 million as of September 30, 2024. Vehicle 2 completed deepwater trials and commercial operations, while Vehicle 1 upgrades are near completion.
Nauticus Robotics (NASDAQ: KITT) has successfully completed its initial 2024 Gulf of Mexico survey work for Shell. The project, part of a service contract awarded in 2023, involved surveying inactive and active assets off the Louisiana coast using autonomous untethered operations at depths up to 1000 meters.
The successful demonstration of viable untethered products in deepwater environments has contributed to building a strong commercial pipeline for 2025. The company's technology combines sensors, artificial intelligence, and advanced algorithms to enable autonomous underwater operations, offering services that help reduce operational costs, gather data, and maintain subsea infrastructure while minimizing environmental impact.
Nauticus Robotics (NASDAQ: KITT) has secured an agreement with existing debtholders to convert $33M of debt into equity through a preferred stock exchange. The company expects this conversion to significantly reduce its balance sheet leverage and potentially resolve previously reported NASDAQ compliance issues. The existing convertible debenture will be exchanged for a new class of convertible preferred stock.
Nauticus Robotics (NASDAQ: KITT) has scheduled its third quarter 2024 financial results release for November 12, 2024, after market close. The company will host an earnings conference call on November 13, 2024, at 10:00 am CST. Nauticus develops autonomous robots for ocean industries, focusing on reducing operational costs and gathering data for subsea infrastructure maintenance. Their business model includes robotic services, vehicle sales, and software licensing for commercial and defense sectors.
Nauticus Robotics (NASDAQ: KITT) has completed qualification testing of its Aquanaut Mark 2 underwater vehicle and begun commercial operations in the Gulf of Mexico. The vehicle, now certified for flyover surveys, leak detection, obstacle avoidance, and visual inspections, is performing commercial inspection work at a production field in approximately 1,000 meters of water.
Key achievements include:
- Autonomous testing without a tether
- Mid-execution mission updates via acoustic communications
- Sending compressed photos to the surface for asset verification
The Aquanaut leverages Nauticus' proprietary ToolKITT software, aiming to transform subsea operations from traditional tethered operations to augmented autonomy. This initiative is expected to enhance efficiency, safety, and cost-effectiveness in subsea operations.
Nauticus Robotics Inc. (NASDAQ: KITT), a leader in autonomous subsea robotics and software, has received an extension from Nasdaq to regain compliance with listing standards by December 31, 2024. This follows a Nasdaq Hearings Panel meeting on September 5, 2024, where Nauticus presented its compliance plan. The company remains listed on the Nasdaq Capital Market and will continue working towards resolving all compliance issues before the deadline.
Nauticus develops autonomous robots for ocean industries, focusing on reducing operational costs and gathering data for subsea infrastructure maintenance. Their business model includes robotic services, vehicle and component sales, and software licensing for commercial and defense sectors. The company is currently testing and certifying a new generation of vehicles and has developed technology products for retrofitting traditional ROV operations.
Nauticus Robotics (NASDAQ: KITT) has begun its second round of qualification testing for the Aquanaut Mark 2, its flagship underwater vehicle, in the Gulf of Mexico. This testing aims to certify the vehicle for depths exceeding 2000 meters. The tests, conducted off Louisiana's coast, focus on imaging subsea structures and certifying capabilities like flyover surveys, leak detection, and obstacle avoidance.
CEO John Gibson noted that several revenue-generating projects are scheduled following these tests. The company is also developing additional capabilities with Vehicle 1, with open water testing expected at Florida Atlantic University later this year. Nauticus' ToolKITT software is driving the industry's shift from tethered operations to augmented autonomy, aiming to transform subsea operations into efficient, autonomous processes.
Nauticus Robotics (NASDAQ: KITT), a leader in subsea robotics and software, has appointed John Symington as its new General Counsel effective August 14, 2024. Symington brings over 20 years of in-house experience, including roles as General Counsel at Frank's International and Seadrill, along with 10 years in private practice. His diverse background spans oilfield services, maritime operations, manufacturing, and software across multiple countries.
CEO John Gibson expressed confidence in Symington's ability to ensure a smooth transition in the legal function as Nauticus continues its strategic focus on innovative solutions for the blue economy. The company develops autonomous robots for ocean industries, emphasizing cost reduction and data gathering for subsea infrastructure maintenance.
Nauticus Robotics (NASDAQ: KITT) reported Q2 2024 results, with revenue of $0.5 million, down from $1.1 million in Q2 2023. The company recorded a net loss of $5.4 million ($2.75 per share), compared to a net income of $20.7 million in Q2 2023. Key operational highlights include:
- Completion of Phase I for Brazil's largest offshore producer
- Planned maintenance and testing of Aquanaut Mark 2 (Vehicle 2)
- Ongoing upgrades for Vehicle 1
- Reduced G&A costs to $3.2 million, down $2.3 million year-over-year
The company's cash position improved to $8.1 million as of June 30, 2024, up from $0.8 million at the end of 2023, supported by additional debt financing and an at-the-market equity offering.
Nauticus Robotics (NASDAQ: KITT) has partnered with Florida Atlantic University (FAU) to test its Aquanaut Mark 2 underwater vehicle. The collaboration allows for testing in both shallow and deep waters near FAU's facilities, resulting in an estimated 90% cost savings on vehicle development testing. This partnership enables Nauticus to efficiently test the Aquanaut system in preparation for commercial use.
The Aquanaut vehicle utilizes Nauticus' proprietary ToolKITT software, driving the industry's transition from tethered operations to augmented autonomy. Upon completion of final testing, the current Aquanaut vehicle will move to the Gulf of Mexico for commercial operations, while a second vehicle will continue development at FAU.
